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PRAISE FOR BANKS AND FINTECH ON PLATFORM ECONOMIES
"Friction remains the biggest hinderance to bank revenue and viability over the next decade. Paolo's book unveils why a shift from traditional products to technology-led experiences may be so difficult for financial institutions, and why the platform economy is already changing market shares and competitiveness."
-Brett King, bestselling author of The Rise of Technosocialism, founder of Moven and Breaking Banks Podcast
"The platformisation of banking is the most important business model trend to impact the financial services industry in the past 50 years, and this book from Paolo Sironi is the bankers' playbook for navigating this new trend."
-Ron Shevlin, Director of Research of Cornerstone Advisors, Senior Contributor for Forbes
"This time Paolo Sironi has written the TAO for Banking (Transparency, Advice, Openness), a text that will surely become a classic. The Banking Reinvention Quadrant (BRQ) captures how financial uncertainty and human relationships are foundational in creating sustainable high-value business propositions."
-Dr. Efi Pylarinou, founder of Efi Pylarinou Advisory & Global Fintech Influencer
"Paolo Sironi tackles the biggest challenge facing the West's banks and fintech, their transition from being mere conduits for the flow of money to becoming full-service, lifestyle platforms. Paolo takes you step-by-step through the hard choices your financial institution will need to make to transition to a platform that makes banking an afterthought."
-Richard Turrin, bestselling author of Cashless: China's Digital Currency Revolution
Paolo's latest masterpiece is our North Star to the future of financial services-one of hope, aspiration, and purpose."
-Theodora Lau, founder of Unconventional Ventures and co-author of Beyond Good
"I highly recommend Paolo Sironi's book Banks and Fintech on Platform Economies. His insights into the disruptions and changes to come to the financial industry will better prepare you for what is likely to come. For better or worse."
-Spiros Margaris, VC, ranked Global No. 1 Finance Influencer by Refinitiv (Thomson Reuters), ranked Global No. 1 Fintech, AI, Blockchain & No. 2 InsurTech Influencer by Onalytica
"Paolo Sironi is a rare and intuitive voice in the industry. He manages to capture all of the complexities of the Banking-as-a-Service market shift into a concise, digestible idea of Conscious vs Contextual Banking."
-Simon Paris, CEO at Finastra, NED at Everbridge, NED at Thomson Reuters
"Essential reading for anyone who wants to understand where the open banking revolution is taking us."
-Marie Walker, co-founder of Open Future World
"We're seeing big transformations happening in finance and it is happening fast. Technology is enabling new platform business models and most people have to learn about it. You can't be in Finance and not understand this. The book Banks and Fintech on Platform Economies will be a book for anyone seeking a firm grasp of the rapidly evolving outcome economy and a view about the future of the industry-I would urge everyone to get the book."
-Tram Anh Nguyen, co-founder of CFTE | Centre for Finance, Technology and Entrepreneurship
PRAISE FOR BANKS AND FINTECH ON PLATFORM ECONOMIES
"Friction remains the biggest hinderance to bank revenue and viability over the next decade. Paolo's book unveils why a shift from traditional products to technology-led experiences may be so difficult for financial institutions, and why the platform economy is already changing market shares and competitiveness."
-Brett King, bestselling author of The Rise of Technosocialism, founder of Moven and Breaking Banks Podcast
"The platformisation of banking is the most important business model trend to impact the financial services industry in the past 50 years, and this book from Paolo Sironi is the bankers' playbook for navigating this new trend."
-Ron Shevlin, Director of Research of Cornerstone Advisors, Senior Contributor for Forbes
"This time Paolo Sironi has written the TAO for Banking (Transparency, Advice, Openness), a text that will surely become a classic. The Banking Reinvention Quadrant (BRQ) captures how financial uncertainty and human relationships are foundational in creating sustainable high-value business propositions."
-Dr. Efi Pylarinou, founder of Efi Pylarinou Advisory & Global Fintech Influencer
"Paolo Sironi tackles the biggest challenge facing the West's banks and fintech, their transition from being mere conduits for the flow of money to becoming full-service, lifestyle platforms. Paolo takes you step-by-step through the hard choices your financial institution will need to make to transition to a platform that makes banking an afterthought."
-Richard Turrin, bestselling author of Cashless: China's Digital Currency Revolution
Paolo's latest masterpiece is our North Star to the future of financial services-one of hope, aspiration, and purpose."
-Theodora Lau, founder of Unconventional Ventures and co-author of Beyond Good
"I highly recommend Paolo Sironi's book Banks and Fintech on Platform Economies. His insights into the disruptions and changes to come to the financial industry will better prepare you for what is likely to come. For better or worse."
-Spiros Margaris, VC, ranked Global No. 1 Finance Influencer by Refinitiv (Thomson Reuters), ranked Global No. 1 Fintech, AI, Blockchain & No. 2 InsurTech Influencer by Onalytica
"Paolo Sironi is a rare and intuitive voice in the industry. He manages to capture all of the complexities of the Banking-as-a-Service market shift into a concise, digestible idea of Conscious vs Contextual Banking."
-Simon Paris, CEO at Finastra, NED at Everbridge, NED at Thomson Reuters
"Essential reading for anyone who wants to understand where the open banking revolution is taking us."
-Marie Walker, co-founder of Open Future World
"We're seeing big transformations happening in finance and it is happening fast. Technology is enabling new platform business models and most people have to learn about it. You can't be in Finance and not understand this. The book Banks and Fintech on Platform Economies will be a book for anyone seeking a firm grasp of the rapidly evolving outcome economy and a view about the future of the industry-I would urge everyone to get the book."
-Tram Anh Nguyen, co-founder of CFTE | Centre for Finance, Technology and Entrepreneurship
PAOLO SIRONI is the global research leader in banking and financial markets at IBM, Institute for Business Value. He is one of the most respected fintech voices worldwide, providing business expertise and strategic thinking to a network of executives among financial institutions, start-ups and regulators. He is a former quantitative risk manager and start-up entrepreneur. Paolo's literature explores the biological underpinnings of financial markets, and how technology and business innovation can bolster the global economy's immune system in today's volatile times. Visit Paolo's website [...] for more information.
Forewords xv
About the Author xxix
Disclaimer xxxi
Introduction 1
Part One Foundations of Platform Theory
Chapter 1 Platform Essentials on Outcome Economies 15
1.1 Introduction 16
1.2 Platforms and ecosystems 17
1.3 Innovating from output to outcome economies 22
1.4 Linear and non-linear thinking 24
1.5 Platform types 25
1.6 About platforms and innovation theory 27
1.7 Shifting the perception of value 29
1.8 Banks and fintech on outcome economies 31
1.9 Conclusions 33
Takeaways for banks and fintech 34
Chapter 2 The Trust Advantage 35
2.1 Introduction 35
2.2 Elements of platform creation 37
2.2.1 The platform challenge 38
2.2.2 The chicken-or-egg dilemma 39
2.3 Transparency generates trust 42
2.3.1 It's marketing, stupid! or not? 42
2.3.2 Trust in the middle kingdom 43
2.4 The trust advantage for banks and fintech 44
2.5 Conclusions 47
Takeaways for banks and fintech 48
Chapter 3 Open Innovation and Data 49
3.1 Introduction 49
3.2 Closed and open innovation 51
3.2.1 Attributes of closed and open innovation 52
3.2.2 Open innovation in platform economies 53
3.3 The strategic role of complementors 55
3.4 The monetisation perspective 56
3.5 The monetisation of APIs 58
3.5.1 Free use 59
3.5.2 API consumers pay 59
3.5.3 API consumers get paid 60
3.5.4 Indirect monetisation 60
3.6 The monetisation of user engagement 61
3.6.1 Imposing transaction fees 61
3.6.2 Asking for access fees 61
3.6.3 Tiering enhanced access fees 61
3.6.4 Delivering enhanced curation 62
3.7 The API economy for banks and fintech 62
3.8 Conclusions 65
Takeaways for banks and fintech 66
Chapter 4 Platform Governance Founded on Transparency 67
4.1 Introduction 67
4.2 Power comes with responsibility 68
4.3 Platform monopoly between competition and regulation 71
4.3.1 Intensified regulation 71
4.3.2 Better governance to fight monopoly powers 73
4.4 Negative externalities threaten platform resilience 74
4.5 Governance of openness and curation 76
4.6 The transparency governing principle 78
4.6.1 Transparency about platform management 78
4.6.2 Transparency about platform orchestration 79
4.7 Transparency for banks and fintech 80
4.8 Conclusions 82
Takeaways for banks and fintech 83
Part Two Reinventing Financial Services
Chapter 5 The Existential Shift of Bank Business Models 89
5.1 Introduction 89
5.2 The new normal of central banks 91
5.2.1 Lehman Brothers' default 91
5.2.2 The annihilation of central banks' systemic put 92
5.2.3 Banks' Catch-22 95
5.2.4 From product-centricity to human-centricity 98
5.3 About the tension between information and communication 99
5.4 The banking reinvention quadrant 101
5.4.1 The map and the compass 101
5.4.2 The information and communication quotients 103
5.5 Four BRQ business value spaces 104
5.5.1 Traditional Banking 105
5.5.2 Digital Banking 105
5.5.3 Contextual Banking 105
5.5.4 Conscious Banking 106
5.6 Conclusions 107
Takeaways for banks and fintech 108
Chapter 6 Lessons Learned from Fintech Innovation 109
6.1 Introduction 110
6.2 The true meaning of disruption 111
6.2.1 My Robo-advisor was an iPod 113
6.2.2 Sustaining innovation with Contextual and Conscious Banking 117
6.3 Resolving the "pull-push" motivational gap 119
6.3.1 Digital is a pull technology 120
6.3.2 What is happening on Amazon? 121
6.3.3 The offer-driven business of banking 122
6.4 Rebundling on platform economies 123
6.4.1 From client-centricity to human-centricity 124
6.4.2 Banking-as-a-Service and Banking-as-a-Platform 126
6.5 Conclusions 128
Takeaways for banks and fintech 129
Chapter 7 Competitive Factors for the Future of Banks 131
7.1 Introduction 131
7.2 The financial services engine 132
7.3 External factors affecting digital transformations 135
7.3.1 Digital infrastructure 135
7.3.2 Digital society 135
7.3.3 Digital ecosystems 136
7.3.4 Capital at risk 137
7.3.5 Regulation 137
7.4 Internal factors enabling digital transformation 138
7.4.1 Digital leadership, strategy, and culture 138
7.4.2 New business architectures and operating models 139
7.5 Conclusions 140
Takeaways for banks and fintech 141
Part Three Leading Platform Strategies
Chapter 8 Contextual Banking 147
8.1 Introduction 147
8.2 Compete with open business architectures 150
8.3 From open banking to open finance 152
8.4 Contextual Banking 156
8.4.1 Removing ex-ante frictions without increasing them ex-post 158
8.5 Bigtech gravity 159
8.5.1 Facebook experience vs. WeChat engagement 160
8.5.2 Amazon's platform philosophy 161
8.6 Financial services fight back 164
8.6.1 Cloud-native payment providers are also chipping away bank revenues 164
8.6.2 Ping An's investment philosophy 166
8.6.3 Banking orchestration of non-banking ecosystems 168
8.6.4 The platform of platforms 170
8.7 Conclusions 173
Takeaways for banks and fintech 174
Chapter 9 Foundations of Financial Market Transparency 175
9.1 Introduction 175
9.2 Contextual Banking and architectural resilience 177
9.3 Conscious Banking and financial antifragility 179
9.3.1 Breaking out from mainstream reference theory 179
9.3.2 Opening the reference system to fundamental uncertainty 181
9.4 Empirical evidence to open platforms and reference systems 183
9.5 Conclusions 186
Takeaways for banks and fintech 187
CHAPTER 10 Conscious Banking 189
10.1 Introduction 190
10.2 Micro and macro antifragility across ecosystems 193
10.2.1 Value generation at the micro-level investors' ecosystem 193
10.2.2 Value generation at the macro-level financial ecosystem 196
10.3 Unlocking hidden value in the ecosystem 197
10.4 Exponential technologies on transparent markets 199
10.4.1 Generating value with transparent AI 199
10.4.2 Opening up the reference system with technology 201
10.4.3 Integrating clients' emotion with a transparent heuristic 203
10.4.4 Opening the AI envelope to stay radically rational 204
10.5 The scientific shift from reductionism to holism 205
10.5.1 Conscious Banking platforms on the edge of chaos 206
10.5.2 Augmenting the human mind with technology 207
10.6 The core engine of Conscious Banking platforms 208
10.6.1 Value-generating interactions based on cost-benefit analysis 208
10.6.2 Open up the risk management engine to the conscious image of endogenous uncertainty 210
10.7 Conclusions 212
Takeaways for banks and fintech 213
Concluding Remarks 215
Bibliography 219
Index 227
| Erscheinungsjahr: | 2021 |
|---|---|
| Fachbereich: | Wirtschaftsratgeber |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 272 S. |
| ISBN-13: | 9781119756972 |
| ISBN-10: | 1119756979 |
| Sprache: | Englisch |
| Herstellernummer: | 1W119756970 |
| Einband: | Gebunden |
| Autor: | Sironi, Paolo |
| Hersteller: | Wiley |
| Verantwortliche Person für die EU: | Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, product-safety@wiley.com |
| Maße: | 235 x 156 x 26 mm |
| Von/Mit: | Paolo Sironi |
| Erscheinungsdatum: | 22.11.2021 |
| Gewicht: | 0,548 kg |
PAOLO SIRONI is the global research leader in banking and financial markets at IBM, Institute for Business Value. He is one of the most respected fintech voices worldwide, providing business expertise and strategic thinking to a network of executives among financial institutions, start-ups and regulators. He is a former quantitative risk manager and start-up entrepreneur. Paolo's literature explores the biological underpinnings of financial markets, and how technology and business innovation can bolster the global economy's immune system in today's volatile times. Visit Paolo's website [...] for more information.
Forewords xv
About the Author xxix
Disclaimer xxxi
Introduction 1
Part One Foundations of Platform Theory
Chapter 1 Platform Essentials on Outcome Economies 15
1.1 Introduction 16
1.2 Platforms and ecosystems 17
1.3 Innovating from output to outcome economies 22
1.4 Linear and non-linear thinking 24
1.5 Platform types 25
1.6 About platforms and innovation theory 27
1.7 Shifting the perception of value 29
1.8 Banks and fintech on outcome economies 31
1.9 Conclusions 33
Takeaways for banks and fintech 34
Chapter 2 The Trust Advantage 35
2.1 Introduction 35
2.2 Elements of platform creation 37
2.2.1 The platform challenge 38
2.2.2 The chicken-or-egg dilemma 39
2.3 Transparency generates trust 42
2.3.1 It's marketing, stupid! or not? 42
2.3.2 Trust in the middle kingdom 43
2.4 The trust advantage for banks and fintech 44
2.5 Conclusions 47
Takeaways for banks and fintech 48
Chapter 3 Open Innovation and Data 49
3.1 Introduction 49
3.2 Closed and open innovation 51
3.2.1 Attributes of closed and open innovation 52
3.2.2 Open innovation in platform economies 53
3.3 The strategic role of complementors 55
3.4 The monetisation perspective 56
3.5 The monetisation of APIs 58
3.5.1 Free use 59
3.5.2 API consumers pay 59
3.5.3 API consumers get paid 60
3.5.4 Indirect monetisation 60
3.6 The monetisation of user engagement 61
3.6.1 Imposing transaction fees 61
3.6.2 Asking for access fees 61
3.6.3 Tiering enhanced access fees 61
3.6.4 Delivering enhanced curation 62
3.7 The API economy for banks and fintech 62
3.8 Conclusions 65
Takeaways for banks and fintech 66
Chapter 4 Platform Governance Founded on Transparency 67
4.1 Introduction 67
4.2 Power comes with responsibility 68
4.3 Platform monopoly between competition and regulation 71
4.3.1 Intensified regulation 71
4.3.2 Better governance to fight monopoly powers 73
4.4 Negative externalities threaten platform resilience 74
4.5 Governance of openness and curation 76
4.6 The transparency governing principle 78
4.6.1 Transparency about platform management 78
4.6.2 Transparency about platform orchestration 79
4.7 Transparency for banks and fintech 80
4.8 Conclusions 82
Takeaways for banks and fintech 83
Part Two Reinventing Financial Services
Chapter 5 The Existential Shift of Bank Business Models 89
5.1 Introduction 89
5.2 The new normal of central banks 91
5.2.1 Lehman Brothers' default 91
5.2.2 The annihilation of central banks' systemic put 92
5.2.3 Banks' Catch-22 95
5.2.4 From product-centricity to human-centricity 98
5.3 About the tension between information and communication 99
5.4 The banking reinvention quadrant 101
5.4.1 The map and the compass 101
5.4.2 The information and communication quotients 103
5.5 Four BRQ business value spaces 104
5.5.1 Traditional Banking 105
5.5.2 Digital Banking 105
5.5.3 Contextual Banking 105
5.5.4 Conscious Banking 106
5.6 Conclusions 107
Takeaways for banks and fintech 108
Chapter 6 Lessons Learned from Fintech Innovation 109
6.1 Introduction 110
6.2 The true meaning of disruption 111
6.2.1 My Robo-advisor was an iPod 113
6.2.2 Sustaining innovation with Contextual and Conscious Banking 117
6.3 Resolving the "pull-push" motivational gap 119
6.3.1 Digital is a pull technology 120
6.3.2 What is happening on Amazon? 121
6.3.3 The offer-driven business of banking 122
6.4 Rebundling on platform economies 123
6.4.1 From client-centricity to human-centricity 124
6.4.2 Banking-as-a-Service and Banking-as-a-Platform 126
6.5 Conclusions 128
Takeaways for banks and fintech 129
Chapter 7 Competitive Factors for the Future of Banks 131
7.1 Introduction 131
7.2 The financial services engine 132
7.3 External factors affecting digital transformations 135
7.3.1 Digital infrastructure 135
7.3.2 Digital society 135
7.3.3 Digital ecosystems 136
7.3.4 Capital at risk 137
7.3.5 Regulation 137
7.4 Internal factors enabling digital transformation 138
7.4.1 Digital leadership, strategy, and culture 138
7.4.2 New business architectures and operating models 139
7.5 Conclusions 140
Takeaways for banks and fintech 141
Part Three Leading Platform Strategies
Chapter 8 Contextual Banking 147
8.1 Introduction 147
8.2 Compete with open business architectures 150
8.3 From open banking to open finance 152
8.4 Contextual Banking 156
8.4.1 Removing ex-ante frictions without increasing them ex-post 158
8.5 Bigtech gravity 159
8.5.1 Facebook experience vs. WeChat engagement 160
8.5.2 Amazon's platform philosophy 161
8.6 Financial services fight back 164
8.6.1 Cloud-native payment providers are also chipping away bank revenues 164
8.6.2 Ping An's investment philosophy 166
8.6.3 Banking orchestration of non-banking ecosystems 168
8.6.4 The platform of platforms 170
8.7 Conclusions 173
Takeaways for banks and fintech 174
Chapter 9 Foundations of Financial Market Transparency 175
9.1 Introduction 175
9.2 Contextual Banking and architectural resilience 177
9.3 Conscious Banking and financial antifragility 179
9.3.1 Breaking out from mainstream reference theory 179
9.3.2 Opening the reference system to fundamental uncertainty 181
9.4 Empirical evidence to open platforms and reference systems 183
9.5 Conclusions 186
Takeaways for banks and fintech 187
CHAPTER 10 Conscious Banking 189
10.1 Introduction 190
10.2 Micro and macro antifragility across ecosystems 193
10.2.1 Value generation at the micro-level investors' ecosystem 193
10.2.2 Value generation at the macro-level financial ecosystem 196
10.3 Unlocking hidden value in the ecosystem 197
10.4 Exponential technologies on transparent markets 199
10.4.1 Generating value with transparent AI 199
10.4.2 Opening up the reference system with technology 201
10.4.3 Integrating clients' emotion with a transparent heuristic 203
10.4.4 Opening the AI envelope to stay radically rational 204
10.5 The scientific shift from reductionism to holism 205
10.5.1 Conscious Banking platforms on the edge of chaos 206
10.5.2 Augmenting the human mind with technology 207
10.6 The core engine of Conscious Banking platforms 208
10.6.1 Value-generating interactions based on cost-benefit analysis 208
10.6.2 Open up the risk management engine to the conscious image of endogenous uncertainty 210
10.7 Conclusions 212
Takeaways for banks and fintech 213
Concluding Remarks 215
Bibliography 219
Index 227
| Erscheinungsjahr: | 2021 |
|---|---|
| Fachbereich: | Wirtschaftsratgeber |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 272 S. |
| ISBN-13: | 9781119756972 |
| ISBN-10: | 1119756979 |
| Sprache: | Englisch |
| Herstellernummer: | 1W119756970 |
| Einband: | Gebunden |
| Autor: | Sironi, Paolo |
| Hersteller: | Wiley |
| Verantwortliche Person für die EU: | Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, product-safety@wiley.com |
| Maße: | 235 x 156 x 26 mm |
| Von/Mit: | Paolo Sironi |
| Erscheinungsdatum: | 22.11.2021 |
| Gewicht: | 0,548 kg |
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